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Mr Redwood wrote: "I sold out of the general share ETFs in the UK after their great performance for the year from early July 2016 when I saw the last budget and heard the BoE’s (Bank of England's) credit warnings.

"The money could be better put to work in places where the authorities are allowing credit to expand a bit, to permit faster growth.

"To promote faster growth, the European Central Bank has signalled clearly there will be no rises in interest rates for the foreseeable future."

Mr Redwood was writing in his role as chief global strategist for Charles Stanley & Co - one of the largest investment management companies in the UK.

“John Redwood used to claim that he spoke for England. It is clear where his loyalties lie - wherever he can make some money.”

He is paid close to £180,000 a year by the company for around two days work a week and has been working with the firm for more than a decade.

Mr Redwood’s political opponents in Wokingham are also aghast at the article.

Andy Croy, a Wokingham Borough councillor who stood for Labour at the recent General Election, said: "John Redwood used to claim that he spoke for England. It is clear where his loyalties lie - wherever he can make some money.

"That might explain why he is so rarely seen in Wokingham - it is full of hard working people, paying their taxes and expecting top quality public services in exchange and I am not sure he is particularly comfortable in such an environment."

"This is despicable behaviour by a lawmaker."

Liberal Democrat candidate Clive Jones, who is also a councillor in Wokingham, added: "Mr Redwood is protecting his own considerable wealth and taking his money out of the UK and investing in Europe.

"He is also advising his multi millionaire clients to do the same. His conduct is appalling."

The piece in the FT also drew the ire of Forbes magazine columnist Frances Coppola, who wrote: "This is despicable behaviour by a lawmaker.

"The Rt. Hon. John Redwood MP is putting his own interests above those he represents. He is unfit to hold office. He should resign."

In response to the criticism, Mr Redwood said: "I am very keen to promote a successful Brexit and see it as a great opportunity for the UK.